Kenya Commercial Bank Launches Islamic Banking

Kenya Commercials Bank (KCB) Group on Thursday launched its Islamic Banking unit as it seeks to tap into the growing demand for Islamic financial products across the East African region.

KCB Group Chairman Ngeny Biwott said the move is aimed at tapping investments in the Islamic financial sector to help spur capital flows.

“This chapter is a milestone for our financial inclusion and deepening agenda for the banking and financial services sector to be accessed by everyone in the region,” said Biwott.

Biwott said the launch is part of the Bank’s long term vision to diversify its product offering while riding on technology as it reaches out to more citizens across the East African region and beyond who feel left out by the conventional banking system.

“Looking ahead into the next three years, this product will progressively facilitate development in the marginalized areas and deepen financial coverage,” he said.

In addition to the Kenyan operation, KCB Bank Tanzania is offering Islamic Banking services which is well supported with the regulatory framework that is in place.